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Ossia International swings to profit in fiscal Q3

Ossia International Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was S$621,380, compared with a loss of S$134,130 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 5.9% from negative 1.1% in the year-earlier period.

Total revenue decreased 14.5% year over year to S$10.5 million from S$12.3 million, and total operating expenses fell 16.0% year over year to S$10.3 million from S$12.2 million.

Reported net income totaled S$842,000, or 0 cents per share, compared to a loss of S$640,000, or a loss of 0 cents per share, in the prior-year period.

As of Feb. 5, US$1 was equivalent to S$1.41.